Shareholders turn down Rangers rights issue

The Rangers board failed to persuade fans to back a rights issue at the annual general meeting, leaving the club face a funding gap in the new year.    The board needed 75 per cent of the votes, but did not even manage a straight majority.  The resolution was rejected by 55.2 per cent.

Chairman David Somers and other board members were heckled and booed by shareholders and fans. Almost 39 per cent of shareholders voted against the reappointment of the chairman.

The Rangers board failed to persuade fans to back a rights issue at the annual general meeting, leaving the club face a funding gap in the new year.    The board needed 75 per cent of the votes, but did not even manage a straight majority.  The resolution was rejected by 55.2 per cent.

Chairman David Somers and other board members were heckled and booed by shareholders and fans. Almost 39 per cent of shareholders voted against the reappointment of the chairman.

E-mail evidence has revealed that the chairman tried to keep Mike Ashley’s bid to take control of the club alive in the face of opposition from other directors.

The board of the Scottish Football Association has unanimously rejected a request from Mike Ashley to be allowed to increase his stake in the club to just under 30 per cent which would have put him in a dominant position.

Ashley and the club now face a hearing on January 27 which will determine whether the Sports Direct founder’s dual interests in Rangers and Newcastle United breached SFA rules and their agreement.

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